Facebook and Instagram keeping distance from crypto segment, will not get NFT support

Categories : Science & Tech

In the last few months, apprehensions about cryptocurrencies have increased. The major reason for this is the huge decline in this segment and the bankruptcy of many firms. Support for non-fungible tokens (NFT) will not be available on social media platforms Facebook and Instagram. Meta, which runs these platforms, has taken this decision.

Meta’s Head (Commerce & Financial Technologies), Stephane Kasriel tweeted this information. He added that the company has learned a lot from this and can apply it to products that are used on the company’s apps to support creators, people and businesses. However, he did not specify the reason for ending support for NFT. He added that the company will focus on monetization opportunities on reels and messaging payments. NFTs are unique digital assets that use blockchain technology to verify ownership and authenticity. These can include digital content such as art, music, videos and tweets.

Company head Mark Zuckerberg announced NFT support on Instagram about two years ago. Meta later reported expanding this and allowing creators to make and sell digital collectibles. Zuckerberg had said that NFTs could contribute to the company’s plans for the metaverse. For the last few months, Meta has started restructuring and under this many schemes have been closed. Thousands of workers will soon be laid off in Meta. Even a few months ago, the company had reduced more than 11,000 workers in its staff. The company has decided to lay off again to meet its financial targets.

When contacted by Reuters on Bloomberg’s report, Meta declined to comment. Last month, the Washington Post reported that Meta was laying off as part of a restructuring plan. Zuckerberg told investors last year’s layoffs were the beginning and not the end of the company’s focus on efficiency.

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